The cryptocurrency market is experiencing an upturn in fortunes as Bitcoin continues to experience a positive increase overall. In 2022, Bitcoin saw an extended downward trend that led to a 60% reduction in its price, and the collapse of FTX in November significantly lowered market sentiments, and there were massive withdrawals.
However, Bitcoin is now showing strength and is fighting back with its charged bulls. With positive sentiments making waves on the internet, analysts and experts have started to predict the future of the largest cryptocurrency by market cap. Popular trader Crypto Tony wrote on Twitter,
“Seeing $50,000 calls already on Bitcoin and we have yet to complete a higher high and higher low market structure change.”
Credible Crypto highlighted how there can be another impulse just around the corner. He said, “Price action has developed beautifully off our lows, mimicking the bottom formation that preceded our last impulse from 10k-60k+. Current consolidation (circled in green) also looks identical to PA from that impulse.”
Analyst Ash WSB said, “#Bitcoin jumping from anger zone Do you agree or do you think we are in a disbelief area and going to $30k?”
Macro investor David Brady said, “After such a long and deep sell-off, do we think the DXY is already done on the upside? I don’t. Lotta shorts to squeeze yet.”Michael Van De Poppe also had good news for crypto enthusiasts.
In 2023, the market mood for bitcoin underwent a big trend change. Since breaking out of its consolidation, Bitcoin’s momentum has changed to the upside, moving from a bear market to perhaps the very beginning of a new bull market. At the time of writing, Bitcoin is trading above the $23k mark and is currently in the green zone.
Source: https://coinpedia.org/bitcoin/btc-price-forecast-analyst-maps-potential-high-levels-for-bitcoin-this-bull-market/